Resource Extraction Disclosure Repealed
On February 14, 2017, President Trump approved a joint resolution of Congress repealing the SEC’s rule requiring resource extraction disclosure. The joint resolution was passed pursuant to the 1996 Congressional Review Act, which allows a new Congress to use special fast-track procedures to invalidate agency rules submitted in the last 60 session or legislative days of the previous session of Congress. Despite the fact that the original Dodd-Frank rulemaking mandate remains federal law, the SEC is blocked from issuing any rule that is “substantially the same” as the repealed rule without new authorization from Congress.
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